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Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted. Assume that the competitor's bid x is a random variable that is uniformly distributed between $10,000 and $15,000.
a. Suppose you bid $12000. What is the probability that your bid will be accepted?
b. Suppose you bid $14000. What is the probability that your bid will be accepted?
c. What amount should you bid to maximize the probability that you get the property?
d. Suppose you know someone who is willing to pay you $16000 for the property. Would you consider bidding less than the amount in part (c)? Why or why not?
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The upper limit of a 95% confidence interval for the population mean would equal:
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A sample of 50 provided a sample mean of 14.15. The population standard deviation is 3.
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The Wilcoxon signed rank test is computed for the data and gives a value W + = 161.5. Using the Normal approximation (without the continuity correction) the P-value.
Design a Linear programming problem for the flair Furniture Company and find the combination of tables and chairs that the company must produce to maximize profits.
what percent of the total number of seeds germinated?
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